Prepayment Information

(504 Borrowers Only)

The SBA only accepts prepayments of 504 Loans on the third Thursday of each month. The payoff of a 504 Loan must be scheduled; therefore, the payoff request for a particular month must be in no later than 10 days prior to the third Thursday of the month.

The SBA 504 borrower can request a payoff either by email, fax or telephone. The request should include the following information:

The borrower’s name

The loan number and property address

The month in which the borrower wishes to pay off

The borrower’s contact information

CIC will provide a prepayment estimate upon request. Final payoff letters will be provided to CIC by SBA’s appointed CSA once all the automatic debit payments for that month have been posted. Once the payoff letter is issued, the borrower can wire the prepayment at any time up to until 9:00 am Pacific Standard Time (Noon Eastern Standard Time) of the third Thursday of that month. If the funds do not reach the CSA by that deadline, the payoff becomes null and void and any wire sent will be rejected. The payoff of the loan will have to be rescheduled for a subsequent month.

All prepayments must be wired

Insurance must remain in force until the loan is paid in full

For Borrowers

CIC is an economic development lender contributing financial expertise and practical guidance to small business entrepreneurs in Connecticut and Rhode Island who have powerful ideas and need more power to grow them.